https://www.nj.com/jjournal-news/index. ... iver_indexJersey City man pleads guilty to $3.4 million olive oil scam
Updated 8:41 AM; Posted 8:12 AM
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By Sam Carliner
The Jersey Journal
A Jersey City man is facing as many as 70 years in prison after pleading guilty to a multi-million dollar olive oil scam.
Antonio Fasolino, 62, recently pleaded guilty to claims that he conned two investors into spending $3.4 million on his business by falsely claiming that he'd secured contracts to sell olive oil to major retailers.
According to an FBI investigation, in 2012 Fasolino convinced a business in Kansas City and an individual in Florida to give him $3.4 million to purchase a large order of olive oil. He claimed to have two contracts to distribute the oil, but no such contracts existed.
The investigation also claimed that he supplied the investors with altered bank statements and spent the money on himself, including car and mortgage payments, apartment rentals, a wedding, college tuition and credit card payments.
The plea agreement comes more than two years after he was charged with three counts of wire fraud and one count of transacting with criminal proceeds.
Fasolino pleaded guilty to all four charges on Thursday and could be sentenced to 70 years in prison. Each count of wire fraud comes with a maximum sentence of 20 years and the transacting charge comes with a maximum of 10 years.
Vasquez determined not to accept Fasolino's plea until sentencing, which is scheduled for Jan. 11 next year.
Fasolino has been convicted three times previously, twice on bank fraud charges and once on mail fraud.
